March 22 U.S. department store operator Neiman
Marcus Group Inc said on Wednesday it would venture
into China's fast-growing luxury retail market for the first
time, seeking to build a presence there via the web.
Neiman will invest $28 million in fashion website Glamour
Sales Holding which will help it establish an e-commerce website
by the end of 2012.
The site will sell current-season offerings as well as
provide fashion expertise and behind-the-scenes videos.
The investment is also aimed at fueling growth in Glamour
Sales' flash sales business, where online retailers provide
limited-time discount offers on certain products.
Neiman, which operates namesake upscale department stores as
well as Bergdorf Goodman, was bought by an investor group led by
private equity firm TPG Capital and Warburg Pincus LLC
in October 2005.